Canada welcomes petroleum reduction deal, says it is committed to price certainty


FILE PHOTO: Canada’s Minister of Natural Resources Seamus O’Regan speaks during question period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada on December 10, 2019. REUTERS / Blair Gable

OTTAWA (Reuters) – Canada officially welcomed an OPEC and allies deal to cut oil production by record amounts on Sunday, saying Ottawa is committed to price certainty and economic stability .

” Its good. We welcome any news that brings stability to world oil markets, “said Minister of Natural Resources Seamus O’Regan in an emailed statement to Reuters. The group, known as OPEC +, said it had agreed to cut production by 9.7 million barrels per day (b / d) for May-June.

“The federal government is deeply concerned about the volatility in oil prices … Canada is committed to price certainty and economic stability,” said O’Regan.

Canada is the world’s fourth largest producer of oil, extracting some 4.9 million barrels per day in February.

A Canadian government source said that O’Regan did not formally accept a spending reduction policy, as it was the responsibility of the country’s energy-producing provinces. The source requested anonymity given the sensitivity of the situation.

David Ljunggren’s report; Editing by Peter Cooney and Daniel Wallis

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